Dragons would of course taken the Ring, but considered it only as a part of their treasure, maybe a not even regarding it any higher than their other things, a ring is after all only a little bit of gold.
But in the other hand dragons are very clever. Maybe they would have used it. I don't know.
(I say them, because I speak about dragons generally, groupwork with the ring seems to be impossible... I just wanted to make it clear.)
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